M80 is an investor in companies in Benelux and France. We seek out ambitious companies that embrace change and we work with them to create and realise their potential.

Our diverse international team of entrepreneurs, former CEO’s, private equity professionals and digital pioneers will inspire, challenge and support companies to generate meaningful value for their customers, employees, owners and investors.


We don’t care whether you’re a market leader or not. We invest in companies with a unique mindset, ready to challenge the status quo, in sectors such as consumer, healthcare, business services and manufacturing.

Across Benelux and France we typically focus on companies that have sales between €25m and €300m, EBITDA between €5m and €30m and an enterprise value between €25m and €250m. Our preferred investment range is 10 – 60 million in equity. We are open to transactions where we can be a significant shareholder or the leading investor, aligning closely with founders or family shareholders and management. We steer away from real estate, R&D based life sciences, pre-commercial technology and companies that do not fit with our values and those of our investors.

The M80 team

We are a balanced mix of successful senior managers and deeply experienced private equity and M&A professionals. Most of us are also entrepreneurs, having started and built companies. We embrace digitization – we have used it to transform companies and to improve our own daily lives.


Peter Maenhout


Pieter Vermeersch


Jehanne de Walque


Laurent Catry



Peter is founder and CEO of M80. He was a managing director at Gimv, where he was responsible for Gimv-XL, a €609m closed-end fund aimed at midsize companies in Flanders. Peter also led Gimv’s private equity activities in Belgium and its Consumer platform in Benefralux. Gimv-XL’s participations included investments in Vandemoortele, Greenyard, Punch Powertrain, Lampiris, Xeikon, Hansea and XL Video. Investments from Gimv’s Consumer platform included Melijoe, La Croissanterie, Joolz, United Dutch Breweries and Snack Connection. Peter has created value for his investors by growing companies rather than by financial wizardry. Throughout his career he has advised families and companies on managing growth and organizing succession.

Selected past and current board engagements

Vandemoortele, Greenyard, United Dutch Breweries, Melijoe

Email Peter Maenhoutcall direct +32 477 49 49 08
Gimv, managing partner
Amber Capital, MD Amber Capital Benelux
Petercam (Brussels, Amsterdam), MD and various other roles
Generale Bank, corporate finance officer
International Relations (University of Ghent), Financial Management (Vlerick School), MBA (ChicagoBooth)


Pieter founded his first company in Belgium, a specialist in over-the-counter health care products, while he was still studying. After five years at McKinsey & Company, Pieter moved to New York in 2007 where he created and led the team that developed and rolled out the global franchise network of Le Pain Quotidien. He set up the Pain Quotidien’s global marketing team and ran the company’s international brand and marketing strategy. In 2015 he became CEO of Le Pain Quotidien Belgium.

Selected Past and current Board engagements

Le Goût du Naturel SA (La Croissanterie), Brouwland NV

Email Pieter Vermeerschcall direct +32 486 030 662
FNG Group, Group Director Sales and Business Development
Le Pain Quotidien Belgium, CEO
Le Pain Quotidien (New York), EVP
Cabinet of the Prime Minister, advisor
McKinsey & Co, engagement manager and other roles
Aeon Quality Life / Merlin Europe, founder
MA Applied Economics and MA International Relations (University of Leuven)


Jehanne is CFO of M80. She was previously at Pacific Crest Group in San Francisco where she worked with Silicon Valley start-ups and scale-ups to develop their finance and accounting functions. As finance director for NewTree America, the Belgian high-end sustainable chocolate company, Jehanne helped launch and build the company in the US market. Jehanne has a deep experience in financial markets, having spent 15 years as an analyst at Puilaetco and Dexiam.

Selected past and current board engagements


Email Jehanne de Walquecall direct +32 478 011 941
Pacific Crest Group (San Francisco), Director of Finance and Operations
NewTree America (San Francisco), Director of Finance
Dexiam, senior financial and SRI analyst
Puilaetco, financial analyst
Business engineer (University of Louvain-la-Neuve), MA international management (CEMS), certified European financial analyst


Laurent is a seasoned private equity professional with experience in the small and midcap segments from his roles at TCR Capital and Permira. Laurent has worked in multiple sectors but has strong knowledge  of healthcare, with primary LBO investments including Laboratoires Chemineau, Laboratoire de la Mer and In’tech Medical. He has solid experience in assisting companies in growth strategies, international expansion and build-up acquisitions.

Selected past and current board engagements

Laboratoires Chemineau, Nocibé, Générale de Protection, Laboratoire de la Mer, In’tech Medical

Email Laurent Catrycall direct +33 6 89 73 58 87
Oloryn Partners, partner
Permira Advisors
TCR Capital, principal
Société Générale Investment Banking - M&A, VP
EY, Corporate Finance, manager
M.Sc. in corporate finance (ESPC), MBA (Insead)

Carl Annicq


Xavier Dura


José Zurstrassen

Associate Partner

François Bouchat



Carl has a track record of leading companies through significant digital transformation. He drives projects from conception to implementation, working hands-on with senior management and IT teams to embed systems such as CRM, ERP, predictive analytics, lean management and agile software development. Carl acted as CIO at Raet, the leading HR software company from the Netherlands, owned by CVC Capital Partners and later HG Capital, bringing operational efficiencies which translated into direct bottom line results. At Euroclear, he led a lean management transformation which is still considered a benchmark transformation in the European financial industry. Carl started his career at JP Morgan & Co on Wall Street and then remained in New York as a member of the management committee of Ubizen, the Belgian cybersecurity company. He is co-founder and co-owner of Nova Reperta, a 50-strong enterprise transformation consultancy.

Selected past and current board engagements

Nova Reperta Holding, Ticto, TrainM, Esoptra

Email Carl Annicqcall direct +32 495 58 10 27
Nova Reperta, partner and co-founder
Raet Software, CIO
LMS International, EVP M&A, finance, legal, IT
Euroclear, director risk management & capital modelling, lean transformation, strategic IT programs
Ubizen (New York), managing director
JP Morgan & Co (New York), associate
MSc Electro-Mechanical Engineering (University of Leuven) and MBA (Vlerick)


Xavier has been CEO of several lifestyle & FMCG companies in France. At Nocibé, where he led two consecutive management buy-outs with Bridgepoint and Charterhouse, he repositioned the brand of the cosmetics and perfumes retail chain and pioneered a multi-channel strategy – resulting in a French market share increase from 13,6% to 18,5%. After an early career in finance, Xavier moved into entrepreneurship as part of the core team that launched the Okaïdi children’s clothing retailer, and brought it to break-even within three years. Being a board member of Wolf Lingerie along with Gimv and Alsace Capital, Xavier became CEO in 2016 where he developed and drove a value-creation strategy based on a digital transformation and an overhaul of the business model.

Selected past and current board engagements

Made in Design, Wolf Lingerie, Edmond de Rothschild Corporate Finance, Hopps Group, Mecatechnics

Email Xavier Duracall direct +33 6 87 70 34 56
Wolf Lingerie, CEO
LAC International, senior advisor
Mim (New Look Group), CEO
MP Consulting, senior advisor and board member at several companies
Nocibé, CEO
Camaieu, CMO
Okaïdi, CFO
Arthur Andersen and PwC, auditor
ESCP Europe and DESCF


José started coding and selling his own software at age 13 in 1980 in his local computer shop in Verviers, Belgium. As a student and young graduate, he developed and sold software to international corporations and institutions. José has IPO’d three companies of which he was founder or early investor. He first co-founded skynet.be, one of Belgium’s first internet portals. He was involved in the business side and the technology side – having coded the central systems including automated invoicing, payment verification and customer service. Following the sale of skynet.be to Belgacom, José co-founded Keytrade Bank which was Belgium’s first online broker. He is currently an investor in and advisor to multiple start-ups.

As well as being in the M80 team, José is also Executive Chairman of LeanSquare, a venture capital investor.

Selected past and current board engagements

Leansquare, Verlinvest, Zetes, Skynet, Keytrade Bank

Email José Zurstrassencall direct +32 475 433 547
Meusinvest/LeanSquare, executive chairman
MyMicroInvest/Spreds/Inventures, co-founder & executive chairman
MondialTelecom, CEO
Independent director at Verlinvest, Zetes, ThinFactory, NewTree, STAR-Apic, e.a.
Keytrade Bank, CTO & co-founder, sold to Credit Agricole
Skynet.Be, CEO, CTO & co-founder, sold to Belgacom.
Civil engineer (Vrije Universiteit Brussel, dropped in year 5) and commercial engineer (Solvay Université Libre de Bruxelles)


François spent the first part of his career in the public sector where he was advising executives on diverse range of financial topics such as M&A, financing structuring, accounting, tax policy and investments. He focused on the energy sector where he managed major transactions. In 2017, he moved to Chicago (USA) to obtain his MBA from Kellogg School of Management – Northwestern University. In that context, he interned in the Investment Banking divisions of Credit Suisse (London) and Marathon Capital (Chicago).

Email François Bouchatcall direct +32 490 44 38 82
Kellogg School of Management
Marathon Capital, Credit Suisse
L’Oréal Business
MBA (Kellogg School of Management – Northwestern University), Bachelor and Master in Business Engineering (Solvay Brussels School of Management), CFA Charterholder (CFA institute), Master in Financial Risk Management (Université Saint-Louis)

Ward Coolman


Jonathan De Venter


Paul-Elliott Testelin-Loosdregt



Ward started his career in Corporate Finance. He gained experience in M&A. Ward has mainly worked on valuation models.

Email Ward Coolmancall direct +32 496 35 66 67
MSc in Business Engineering, University of Leuven


Jonathan started his career as an intern at Smile Invest. Jonathan holds a master’s degree in Business Information Systems Engineering from KU Leuven and a Master’s degree in Financial Management from Vlerick Business School. Next to his studies, Jonathan has been involved in various extra-curricular activities including student representation, tutoring, and serving as the president of Academics for Technology.

Email Jonathan De Ventercall direct +32 470 55 41 98
Smile Invest
Master in Financial Management, Vlerick Business School


Paul-Elliott gained his first experiences in Equity Research at Kepler Chevreux and in Investment Banking at Natixis.

Email Paul-Elliott Testelin-Loosdregtcall direct +44 7449 434074
Financial Analysis, London Business School

How we

We put our entrepreneurial, management, financial, private equity, change-management and digital skills to work in ambitious companies to:

  • Bring focus to companies’ strategies
  • Invest in companies’ sales organisations and top-line growth
  • Deploy digital – from basic to sophisticated – to increase sales and improve efficiency

We do not stick our noses in every detail, but we play an active role if and when needed. We believe in having a clear common purpose. We motivate, inspire and help. We focus on the long term. We work based on mutual respect for our investors and for our portfolio companies. We listen, we evaluate the options, and we act upon what we hear and see. We believe in the positive power of private equity.


  • Gerantis

    Short description

    Gerantis is a professional property manager (“syndic”) of apartment buildings. Gerantis currently serves more than 1,000 associations of co-owners, which makes it a leader in the greater Antwerp region.
    The core property management offering is supplemented with a range of ancillary services: Property management, Insurance, Stewardship and Real Estate Brokerage.

    M80 invested in Gerantis in July 2021.

  • Le Pain Quotidien

    Short description

    Le Pain Quotidien is an iconic brand of Belgian origin, founded in 1990 by Alain Coumont.  The company operates and franchises “local” neighbourhood bakery cafés.  Le Pain Quotidien draws on its unique food philosophy and the values of simplicity, authenticity and conviviality to bring its guests together around a communal table, the centre piece of its restaurants. Le Pain Quotidien is a forerunner of current consumer trends (healthy, organic, locally sourced ingredients etc.). The assets acquired consist of the brand, the international master franchise business, Belgian, French and UK stores, and a production unit based in Belgium.

    In March 2021, we bought back the franchise of the Netherlands, adding seven stores to our own network, further leveraging the Brunchco HQ and the LADP factory.

    M80 invested in Le Pain Quotidien in July 2020.


  • Spantech

    Short description

    Spantech is a leading manufacturer of technically and aesthetically advanced temporary and permanent tent structures for a wide range of industries across the globe. Latest projects include a grand pavilion for the Dubai 2020 World Expo and two large film studios in the United Kingdom. Spantech’s unique and patented technology enables the company to offer temporary structures with innovative, patented technical characteristics - including span widths of more than 100 meter and rigging loads up to 25 ton per beam. The company has production sites, sales offices and warehouses in Belgium, France, Germany, Poland and the Middle East.

    In September 2020, Spantech has finalized a small, strategic acquisition, Viewbox. This company has an interesting, high-end product offering which is complementary to Spantech’s existing one, hence allowing Spantech to become a leader in the hard roof, hard wall, and hard floor segment.

    M80 invested in Spantech in January 2020.


  • Strapharm

    Short description

    Strapharm is a leading French contract development and manufacturing company for food supplements. The company supplies major food supplement brands and large retailers in France and internationally. Strapharm covers the full range of food and dietary supplements and has significant expertise in products for supporting immunity, supporting sports performance and the health and vitality of pets. The company has an R&D and production site in Nantes and employs about 30 people.

    In May 2021, we have finalized the acquisition of Hedelab in Belgium. Hedelab brings complementary clients, galenic forms and expertise.

    M80 invested in Strapharm in October 2019.


  • Theuma

    Short description

    Theuma produces wooden indoor doors and wooden and steel frames, both standard sets and technical sets with fire resistant, acoustic and anti-burglary qualities.  Theuma is number 1 in Belgium and number 2 in the Netherlands and supplies builder’s merchants, wholesalers, constructors and door specialists.  The company has production sites in Bekkevoort (Belgium) and Nijkerk (the Netherlands) and has about 250 collaborators.

    In December 2020, Theuma acquired both ANYWAYdoors and Portapivot. ANYWAYdoors is a high-end, made-to-measure interior door specialist. Portapivot is a recently founded venture focusing on B2B e-commerce sales of pivoting hinges to professionals in the construction sector and resellers in 24 countries.

    M80 invested in Theuma in April 2019.


  • Gandi.net

    Short description

    Gandi.net is a leading European internet registrar. It provides domain names registration and management, web hosting services, cloud, as well as web security services, with over two million domain names serviced in Europe, the US and Asia. It is headquartered in Luxembourg and employs around 140 people in Paris, San Francisco and Taipei, to provide 24/7 customer service to its global client base.

    M80 invested in Gandi.net in February 2019.


  • Eurodommages

    Short description

    Eurodommages is a wholesale broker specialising mostly in non-standard vehicle risk insurance. The company designs, underwrites and manages insurance contracts for SMEs (fleet), higher risk and young drivers, backed by prime insurance and re-insurance companies. Its pricing and risk models make extensive use of available big data sources. Eurodommages distributes its products via a large broker network in France. The company is based near Bordeaux and employs around 40 people.

    Recently, Eurodommages acquired Hyalin, a small broker in France specialized in professional risks for regulated businesses.

    M80 invested in Eurodommages in December 2018.


ESG policy

M80 Partners commits to consider ESG issues in the course of its due diligence process and in the monitoring of its portfolio investments, seeking to maximize the economic and social returns on investments.

We have established an ESG policy presenting M80 Partners’ values, commitments, and approach to integrating environmental, social and governance (ESG) risks and opportunities into its activity, at the management company level and within its investment activity. This policy ensures M80 Partners’ compliance with the requirements of the European Union Sustainable Finance Disclosure Regulation (SFDR).

This charter is applicable to the whole M80 Partners perimeter, including all funds and portfolio companies except otherwise stated.

Download PDF


We are based in Brussels.

  • Rue de la Victoire 1 /
  • Overwinningsstraat 1
  • 1060 Brussels
  • We have an E-bike charging station available.
  • T Please contact anyone of our team.
Find your way here

By train

Our offices are at 600m from Brussels Midi/Zuid station, the main station for arrivals by Thalys, Eurostar and TGV in Brussels. In the station, go towards platform 22 and take exit “Fonsny”.  The walk is less than 10 minutes – follow Google Maps. Alternatively, take the metro. Taxis are best avoided – if in doubt, take an Uber.

By car

Easiest is to use Waze, introducing “parking Porte de Hal Brussels”. There are charging stations for electric cars on the -1 level. Take the elevator and you will see rue de la Victoire more or less in front of you. Look for a café called “Straton”.

By metro

Our offices are next to metro stop Porte de Hal/Hallepoort (both lines 2 and 6). Leaving the metro via de escalators, rue de la Victoire is on the other side of the historical tower. Look for a café called “Straton”.